MUMBAI The Securities and Exchange Board of India (SEBI) raised gross open position limit amount for bank stock brokers in USD/INR derivative contracts to $1 billion from $100 million, an official release said on Friday.

The limit stands at 15 percent of the total open interest or $1 billion, or whichever is higher, stated India's market regulator.

"To maintain orderly conditions in the domestic foreign exchange market, and based on RBI's recommendation, it has been decided to enhance the gross open position limits for bank stock brokers," SEBI added.